To receive apologies for absence, including notifications of any changes to the membership of the Board.

An apology for absence was received from Councillor Brown and it was reported that, in accordance with the wishes of the Conservative Group and Independent Group, the membership of the Board had been amended to include Councillors Chris Lewis and Ellery in place of Councillors Barnby and Loxton respectively.

Further to the Council meeting held on 13 October 2022, to consider a revised report on projects within the Capital Programme which require additional funding to be approved by the Council and to make recommendations to the Extraordinary Council meeting on 27 October 2022.

Note:  Exclusion of Press and Public

Members may need to consider passing a resolution to exclude the press and public from the meeting during consideration of this item on the grounds that exempt information (as defined in Schedule 12A of the Local Government Act 1972 (as amended)) is likely to be disclosed.

At the meeting of the Overview and Scrutiny Board held on 12 October 2022 (Minute 16.10.22 refers) the Board resolved that the Council be recommended to defer consideration of the revised Officer Recommendation in respect of the Harbour View project for further information as detailed in the exempt appendix to the Minutes and requested the Directors of Place and Finance report the further information to an additional Overview and Scrutiny Board and Extraordinary Council by the end of October 2022.  Members considered the submitted report which provided the further information requested in respect of the Harbour View Project (exempt) and details of a proposed increase to the capital contingency budget by £1.4m to a total of £5.4m to be funded from prudential borrowing.

Members noted that the Capital and Growth Board were undertaking a review of all capital projects and officers were also reviewing the reporting mechanism (including to the Overview and Scrutiny Board) on capital spend to provide a more rigorous approach in light of increasing cost pressures.

Resolved:

That the Council be recommended:

1.         that the capital contingency budget be increased by £1.4m to a total of £5.4m to be funded from prudential borrowing, with the allocation of the same to be delegated to the Chief Finance Officer in consultation with the Cabinet Capital Contingency Fund Working Party be approved. In increasing the capital contingency budget Council recognise that the increased costs of schemes may mean that the revised total scheme costs would be outside of the thresholds set for the Economic Growth Fund at the time of approval;

2.         that, an additional £6.6m, to be funded from prudential borrowing, be allocated to the Harbour View project; and

3.         that the additional ongoing annual cost (approximately £0.6m) for the additional £8m borrowing in recommendation 1 and 2 above be included in future year budgets.

(Note:  during consideration of the item in Minute 19, the press and public were excluded from the meeting on the grounds that exempt information (as defined in paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972 (as amended) was likely to be disclosed in respect of the Harbour View project and Board then returned to public session to make their recommendation.)